Brandon Crossing (“BCI”) was acquired as part of BIP’s workforce housing strategy in 2014 directly from the original developer. The property consists of 200 affordable rental units located in Brandon, Florida, a prominent submarket of Tampa. Since its acquisition, BIP has carefully managed the income restrictions and operating expenses to maximize net operating income at the property.

During the first quarter of 2020, the partnership decided to refinance the asset as the COVID-19 pandemic shut down Florida. BIP was able to successfully navigate through this unprecedented environment by recapitalizing the property with a new ten-year fixed rate agency loan.  

BIP was able to return all of the original equity invested in the property and achieve a substantial investment return through the new financing. BIP will continue to own the asset and should provide healthy cash flow long term for the partnership. We expect affordable housing assets like BCI to continue to outperform in both expanding and contracting economic cycles.